January 25, 2018 / 8:10 AM / a month ago

Toymaker Hornby warns of higher full-year loss after Christmas disappoints

Jan 25 (Reuters) - British toymaker Hornby Plc said on Thurdsday its full-year loss would be larger-than-expected, as lower discounting of products and late deliveries in international markets pulled down sales in the key Christmas season.

The maker of Thomas & Friends model train sets had warned in October that full-year profitability would be hurt by lower revenue.

The company, which had decided it would no longer offer large quantities of stock at a discount after a review by its new Chief Executive Officer Lyndon Charles Davies, was also affected by late product deliveries in its international segment.

However, Hornby said the changes in pricing is taking time and some of its retail partners are “taking longer than others to accept the new approach.”

“The change in strategy has meant that the Christmas trading period was tough and there is likely to be some more volatility as we find out how off-peak trading performs for the first time in years without discounting” Davies said. (Reporting By Justin George Varghese in Bengaluru; Editing by Bernard Orr)

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